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Question - Relevant data from Picta Company's operating budgets are presented below. The company's financial year ends on 30 June.
Quarter 1
Quarter 2
Sales
$248,470
$251,539
Direct material purchases
120,295
128,832
Direct labor
76,553
74,289
Manufacturing overhead
26,000
24,400
Selling and administration expenses
33,500
Depreciation included in selling and administration expenses
2,000
2,500
Collection from customers
230,524
220,116
Cash payments for purchases
114,345
118,346
Additional data: Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank.
Required -
a) Use this information to prepare a cash budget for the first two quarters of the year.
b) Briefly comment on Picta Company's expected cash flow position in the first two quarters of the year.
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